Fitch: ICBC Asia notes BBB+

Fitch Ratings said it assigned an expected rating of BBB+ to Industrial and Commercial Bank of China (Asia) Ltd.'s (ICBC Asia) proposed lower tier-2 subordinated notes maturing in 2020.

The notes are rated one-notch below the bank's long-term issuer default rating of A- and are placed on Rating Watch positive, reflecting the fact that the bank's issuer default rating is currently on positive watch.

The final rating is contingent on the receipt of final documents.

The notes represent direct, unsecured and subordinated obligations of ICBC Asia, and carry a fixed-rate coupon for 10 years to maturity.

The agency said it is aware that ICBC Asia is currently in the process of being taken private by its parent Industrial & Commercial Bank of China and that the minority shareholders have given approval to proceed.

Once the process is concluded - anticipated to be before the end of December - Fitch said it expects to upgrade ICBC Asia's issuer default rating to A and the notes to A-.

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